Hotel Properties Ltd Receives Final Approval for Full Acquisition of Concorde Hotel & Shopping Mall
Summary:
-
Strata Titles Board Approval: Hotel Properties Limited (HPL), through its wholly owned subsidiary Luxury Peak Pte Ltd, has obtained approval from the Strata Titles Board to proceed with the acquisition of the remaining strata area of the Concorde Hotel & Shopping Mall in Singapore for S$74.84 million.
-
Completion Date Set: The acquisition is scheduled to be completed on 11 August 2025.
-
Majority Ownership: Prior to this acquisition, HPL, through its five wholly owned subsidiaries, already owned approximately 95.4% of the strata area of the property.
-
Total Acquisition Cost: The total acquisition price for the entire strata area amounts to S$821 million.
-
Financial Impact: The acquisition is not expected to have any material impact on the consolidated net earnings per share and the consolidated net tangible assets per share of the HPL Group, based on the audited consolidated financial statements for the financial year ended 31 December 2024.
-
No Conflicts of Interest: None of the Directors, controlling shareholders, or substantial shareholders of HPL has any interest, direct or indirect, in the acquisition of the remaining strata area of the property.